Analyzing the Gender Gap in Financial Literacy

Abstract

Studies have repeatedly shown that women answer less financial knowledge questions correctly than men.Hence, they are often identified to be a financially 'vulnerable' group who needs more attention in financial education.This paper explores if this holds true for the Austrian population.A survey among 2,000 respondents reveals that Austrian men outperform women in terms of financial knowledge, even if we control for different socio-demographic characteristics and response behavior.However, women seem to be less prone to spending money, are more risk averse and watch their financial status more closely.In a multiple regression analysis, knowledge, attitudes and behavior are relevant for explaining financial well-being, but gender is not.Thus, it seems that women are not necessarily a financially vulnerable group but might benefit from acquiring more financial knowledge and gain more selfconfidence in making financial decisions.

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